GOLD WEEKLY CHART MID/LONG TERM PROJECTION

21 Apr

Hey Everyone,

This is an update on our weekly chart idea that we have been tracking and trading successfully over the last few months and currently still being respected.

So far we were able to track the entre move up and down twice with level to level tracking and our long term swing range zones have also provided the bounces each time.

LAST UPDATE
Last week we stated we were seeing price break out of the channel with a candle body close gap open to 2360, which was hit perfectly closing the gap and we also stated that we will need to see ema5 break out of the channel for further continuation above the channel with 2438, as our long range/term target. Failure of ema5 to break outside the channel will see price back into the channel for the channel half line challenge, as the new updated swing range.

Momentum took price all the way into 2404 and just short of our long range target at 2438. We will keep this in mind and continue with our plans to buy dips using our smaller timeframes, which will allow us to safely take the bounces from support.

CURRENT UPDATE
Price has maintained above the channel with our final long range target at 2438 still remaining. The extended levels 2475 and 2511 will only activated once we see a close above 2438 .

We would also like to see the price retest support above the channel top also inline with the ema5 detachment highlighted with the circle for a correction. Should price break back into the channel while correction then we will look for price to respect the levels int he channel once again for the bounces inline with our plans to buy dip level to level using our small time frames.

Buying dips allows us to safely manage any swings rather then chasing the bull from the top

Please don't forget to like, comment and follow to support us, we really appreciate it!

MR GOLD
XAUUSD TOP AUTHOR